You want to have a $ 74,468 college fund in 13 years. How much will you have to deposit now in an account with an APR of 3 % and monthly compounding?

Answer 1

74468 = a * [1 + (.03 / 12)]^(12 * 13)

log(74468) = log(a) + 156 log(1.0025)

Answer 2

or

a = 74468/(1.0025)^156
= $50,443.62